DALLAS--(BUSINESS WIRE)--The board of directors of Tenet Healthcare Corporation (NYSE:
THC) has appointed Randolph C. Simpson and Matthew J. Ripperger,
partners and co-heads of healthcare for Glenview Capital Management
(“Glenview”), as new independent directors effective immediately. Both
new directors will be included in the Company’s slate of nominees for
election to the board at Tenet’s 2016 annual meeting of shareholders.
“We are pleased to add the expertise of Mr. Simpson and Mr. Ripperger to
our board as we work to create long-term value for all of our
shareholders,” said Trevor Fetter, chairman and CEO of Tenet. “Glenview
has been a substantial investor in our company for nearly four years and
we have appreciated their collaborative approach and constructive input.
We look forward to the insights and contributions that Randy and Matt
will bring to the board.”
Prior to joining Glenview in 2005, Mr. Simpson was an equity research
analyst at Goldman Sachs and previously worked in the mergers and
acquisitions group at Credit Suisse First Boston. He holds an MBA in
finance and accounting from the University of Chicago and a JD from the
Georgetown University Law Center. Mr. Ripperger joined Glenview in 2008
after serving as a managing director at Citigroup focused on healthcare
facilities and providers. Previously, Mr. Ripperger was a vice president
at J.P. Morgan, where he researched small and mid-cap healthcare service
companies. He earned his BA from Columbia University.
“Glenview believes in investing both our financial capital and our human
capital in strong businesses competing in vital industries, with
attractive cash flow dynamics and long-term growth prospects,” said
Larry Robbins, founder and CEO of Glenview. “As a four-year shareholder
of Tenet and as its largest investor, we felt a responsibility to join
together with all current board members of Tenet to ensure that Tenet’s
extraordinary efforts in building a network of facilities that bring
quality and cost containment to today’s healthcare system both
perpetuates and translates into driving extraordinary shareholder value
for all of Tenet’s owners. We appreciate Tenet welcoming two of
Glenview’s partners to the board and look forward to commencing their
deep and active engagement.”
In conjunction with the appointments, Tenet and Glenview have entered
into an agreement that extends through the completion of the Company’s
2017 annual meeting of shareholders. The agreement includes the option
for Glenview to propose two additional candidates, independent of both
Tenet and Glenview and subject to the approval of Tenet’s board, for
appointment as directors. These appointments, if made, would be
effective January 31, 2017. The agreement will be filed by the Company
as an exhibit to a Form 8-K with the Securities and Exchange Commission.
Tenet’s board now consists of 12 directors, with 11 directors who are
independent of Tenet. The members of the board include: Tenet chairman
and CEO Trevor Fetter; lead independent director Edward A. Kangas,
former chairman and CEO of Deloitte Touche Tohmatsu; Brenda J. Gaines,
former president and CEO of Diners Club North America; Karen M.
Garrison, former president of Pitney Bowes Business Services; J. Robert
Kerrey, managing director of Allen & Company and former United States
Senator; Freda C. Lewis-Hall, M.D., executive vice president and chief
medical officer of Pfizer Inc.; Richard R. Pettingill, former president
and CEO of Allina Hospitals and Clinics; Matthew J. Ripperger, partner
and co-head of healthcare of Glenview Capital Management; Ronald A.
Rittenmeyer, former chairman, president and CEO of Electronic Data
Systems Corporation; Tammy Romo, executive vice president and chief
financial officer of Southwest Airlines Co.; Randolph C. Simpson,
partner and co-head of healthcare of Glenview Capital Management; and
James A. Unruh, former chairman, president and CEO of Unisys Corporation.
About Tenet Healthcare
Tenet Healthcare Corporation is a diversified healthcare services
company with more than 130,000 employees united around a common mission:
to help people live happier, healthier lives. Through its subsidiaries,
partnerships and joint ventures, including United Surgical Partners
International (USPI), the company operates 84 general acute care
hospitals, 20 short-stay surgical hospitals and over 470 outpatient
centers in the United States, as well as nine facilities in the United
Kingdom. Tenet’s Conifer Health Solutions subsidiary provides
technology-enabled performance improvement and health management
solutions to hospitals, health systems, integrated delivery networks
(IDN), physician groups, self-insured organizations and health plans.
For more information, please visit www.tenethealth.com.
The terms "THC," "Tenet Healthcare Corporation," "the company," "we,"
"us" or "our" refer to Tenet Healthcare Corporation or one or more of
its subsidiaries or affiliates as applicable.
About Glenview Capital Management
Glenview Capital Management, founded in 2000 by Larry Robbins, is a
privately held investment management firm. Headquartered in New York
with 90 employees, Glenview manages greater than $10B across its
investment products.
